EUR/USD 1.3570 - 17 February 2011

EUR/USD Open 1.3571 High 1.3609 Low 1.3461 Close 1.3566

On Wednesday the Euro/Dollar increased significantly with nearly 130 pips. The European currency appreciated from 1.3461 to 1.3589 yesterday, not matching the negative Interbank sentiment projection at under -5%, closing the day at 1.3566. This morning the Euro strengthened even further up to 1.3609. On the 1 hour chart quotes are testing the upper limit of the the downward channel, while on the 3 hour chart the upward channel is making renewal efforts. Break above the nearest resistance and today's top at 1.3609 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3461, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3348. Today's focus is on EU16 Current account at 9 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure, but with last warning red candles. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3609 1.3725 1.3838
Technical support levels: 1.3461 1.3348 1.3240

Trading range: 1.3560 - 1.3620
Trend: Upward
Buy at 1.3570 SL 1.3540 TP 1.3610

Yesterday we made +4 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.3525 SL 1.3551 TP 1.3475, exit sent at 5:33 GMT.
Total yesterday +51, as shown in details at